Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eight ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $140.38.
A number of analysts have commented on PATK shares. DA Davidson boosted their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a "neutral" rating in a research report on Monday, August 5th. KeyCorp boosted their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an "overweight" rating in a research report on Wednesday. Raymond James assumed coverage on shares of Patrick Industries in a report on Tuesday, October 1st. They set an "outperform" rating and a $160.00 target price for the company. Benchmark reaffirmed a "buy" rating and issued a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. Finally, BMO Capital Markets increased their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Friday, August 2nd.
Get Our Latest Stock Report on Patrick Industries
Insider Activity
In related news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the company's stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares of the company's stock, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the transaction, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock valued at $3,858,915 over the last quarter. Company insiders own 4.70% of the company's stock.
Institutional Investors Weigh In On Patrick Industries
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its stake in shares of Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company's stock valued at $143,889,000 after purchasing an additional 221,904 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Patrick Industries during the second quarter valued at approximately $22,460,000. Argent Capital Management LLC lifted its position in Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company's stock valued at $21,498,000 after buying an additional 133,413 shares in the last quarter. Copeland Capital Management LLC purchased a new stake in Patrick Industries during the third quarter worth approximately $8,070,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company's stock worth $33,078,000 after acquiring an additional 26,389 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.
Patrick Industries Price Performance
Shares of NASDAQ PATK traded down $0.63 during midday trading on Friday, hitting $134.59. The company had a trading volume of 134,672 shares, compared to its average volume of 177,253. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 1.18 and a beta of 1.61. Patrick Industries has a twelve month low of $70.15 and a twelve month high of $148.35. The business has a 50-day simple moving average of $136.51 and a two-hundred day simple moving average of $121.14. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19.
Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.11. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company's revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm earned $1.94 EPS. Equities research analysts anticipate that Patrick Industries will post 7.21 earnings per share for the current year.
Patrick Industries Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries's dividend payout ratio (DPR) is 31.56%.
About Patrick Industries
(
Get Free ReportPatrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.
See Also
Before you consider Patrick Industries, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Patrick Industries wasn't on the list.
While Patrick Industries currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
